Positive: oil prices continued to climb on Wednesday as a larger than expected fall in US oil inventories helped shrug off demand concerns amid rising Covid-19 cases Photo: AP/SCANPIX

Oil gains on drop in US oil inventories

Both benchmarks trading at their highest levels since February last year despite rising Covid-19 infections

13 January 2021 5:18 GMT Updated 13 January 2021 5:18 GMT

By Reuters

Oil prices gained more than 1% on Wednesday, with US crude rising for a seventh day, after industry data showed a bigger than expected drop in inventories

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Oil gains on drop in US oil inventories